Guy Carpenter & Company, LLC has performed further analyses based on the availability of more quoting detail:

Against a smaller number of renewal transactions at April 1 we observed the UK becoming more aggressive and the Bermuda market less aggressive in the Gulf region relative to their respective positions at January 1.

Across all regions, the UK was the most competitive quoting market on average, but with greater intra-market volatility than other markets.

At April 1 we saw significant quote consistency on National renewals, but relative to January 1 the quote volatility increased in both the Northeast and Gulf zones. Again, this may be attributable to reinsurers positioning their regional portfolios more actively in the context of business they wrote, or didn’t write, at January 1.